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Crude Remains Capped by Trendline and 200 Day Average

Crude Remains Capped by Trendline and 200 Day Average

2012-09-10 23:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Remains Capped by Trendline and 200 Day Average

Prepared by Jamie Saettele, CMT

Crude has traded in a tight range and remains capped by trendline resistance and its 200 day average. To review; “the congestion from 5/7-5/11 is of interest from 9521-9849. The upper end of this range is reinforced by the 61.8% retracement of the decline from the March high at 9782 and the 61.8% extension of the 7726-9321 rally (from 8684) at 9675. Near term triangle breakout objectives are 9570 and 9777. Crude has reached the latter objective and is also testing the top of May congestion and 61.8% retracement of the decline from the 2012 high. This is as good an area as any for a top to form.”

LEVELS: 9169 9393 9534 9760 9826 10065

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